Two of our fashion superpowers, Burberry and Mulberry are both currently languishing in the sub-prime doldrums. Given there are so few labels that command their global might and recognition of our fair homegrown industry, it’s a worry.
For Burberry it’s fourth profit warning in nine months, and 21 per cent sales slump in the first quarter of this year prompted a beheading: on July 15, Jonathan Akeroyd, its CEO who was jetted in from Versace (reportedly with a £6 million golden hello) only two years ago was given his marching orders, immediately replaced by Joshua Schulman (formerly of Coach and Michael Kors). Questions abound over the potential for Daniel Lee, incumbent chief creative officer, to retain his position in the new order of the brand. His reset has not been the moon shot that Burberry’s shareholders were hoping for. 500 jobs at the house are reportedly under consultation for redundancy.
